Crestone Air Partners Boosts AUM to $3.6B After Arena Aviation Capital Deal
AIRT•Air T’s Crestone Air Partners acquired Arena Aviation Capital, boosting combined AUM from $1.2 billion to $3.6 billion. Air T increased its stake in Crestone to 83.9% after buying out a 10% interest for $6.2 million and onboarding Blue Owl Capital at an $80 million valuation.
1. Acquisition Details
Crestone Air Partners completed its acquisition of Arena Aviation Capital on June 16, 2026, following satisfaction of all customary closing conditions, expanding its aviation asset management platform with a diversified portfolio and deep airline relationships.
2. AUM Growth and Fee Model
Assets under management grew from $800 million at December 31, 2025, to $1.2 billion by March 31, 2026, and now total $3.6 billion post-transaction, with Crestone set to generate origination, administrative, disposition, and incentive fees targeting net returns above 10%.
3. Ownership Restructuring
Air T acquired the remaining 10% common interest in Crestone for $6.2 million at a $62 million pre-money valuation and now holds approximately 83.9% equity, while Blue Owl Capital invested at an $80 million post-merger valuation for up to 12.5% ownership based on performance.
4. Strategic Rationale
The transaction reinforces Air T’s permanent capital buy-to-build strategy, leveraging its network across leasing, parts sales, storage and MRO services to drive long-term growth and operational synergies within its aviation asset management platform.
